Web 3, the latest avatar of internet is all set to create ripples in internet based business models. Centered around the theme of data privacy and ownership, web 3 is here to stay. The revenue models of web 2 internet companies like Facebook and Apple have raised a lot of eyebrows over the past few years. This is mainly because of monetization of user data. Billions of unwitting users have flocked on to the platforms created by these companies in the past.
If you understood where this conversation is headed, it should not come as a surprise to you that web 3 is going to be very big. So, in this post, we discuss why you should learn about web 3. Even more importantly, we will discuss where to learn web 3 from.
Why Should You Learn Web 3?
Well, unless we run you through the potential of web 2, it is hard to convince you to learn on this relatively new technology. Therefore, it is time to dive deeper into why one should even consider learning about web 3:
A. History Repeats Itself:
When internet came into being, a lot of us were too young and naïve to realize its potential. Some companies took over the charge of making it mainstream. In this process, these companies made a fortune and the founders of these companies are currently the wealthiest people on the planet.
It was definitely not easy for them to push against the odds. Barring a few early adopters, masses used to think that internet is going to ruin their lifestyle. People presented use cases like gambling, pornography and hate crimes to prove their point. All of that happened, but upside was too huge for this trade off.
Today, internet has revolutionized our education, work, healthcare, travel, shopping etc. Everyday newer and pleasant experiences are being generated using the magic of internet.
With web 3 just around the corner, we are on the cusp of a similar disruption. Do you want to miss out on this one the way we missed web 2? No right?
Similarly, web 3 is even more focused on distribution of power. It is essential that this sentiment is leveraged to equally empower everyone in the network as compared to a few individuals running the show.
B. Moral Value:
Web 3 tries to break free from the capitalist mindset while maintaining a balance between capitalism and socialism. Social media companies are worth billions right now by selling ‘you’ as a product. Do you think that this is fair? Agreed that they provided us with extremely engaging and smooth user experience, that too for free. But does that mean they can monetize the very fabric of our existence, our personalities?
Apart from that, social media companies have also started leveraging artificial intelligence and pattern recognition techniques to feed you with the content that keeps you hooked on to their platform for longer. Why? Because more you stay on these platforms, greater the number of ads that can be fed to you. Do you think it is okay to play with your brain in order to make money off it?
Well, if these situations make you contemplate harder on the future of the mankind, web 3 is your friend.
With the revenue model shifting away from monetizing users to actually allowing them to monetize their content, these problems are likely to go away.
C. Monetary Value:
Early adopters of any novel idea have been rewarded exponentially in the past. Think of Bitcoin. Those who invested in it are sitting on massive piles of cash. A more recent example would be of a project called ENS or Ethereum Name Service. People who invested about $100 to purchase a decentralized domain name (.eth) from their platform were rewarded with thousands of dollars as a giveaway for being early adopters.
So far, we have discussed about the benefits of being a part of a web 3 project. What if you take it up a notch and build one? Yes. Web 3 developers are in high demand right now due to huge demand and supply gap. Median salary of a web 3 developer is significantly higher than a web 2 based developer.
Don’t know how to code? Web 3 still has space for you. Skills like content creation, meme creation, graphic design are some of the most in-demand skills of this era.
So who is stopping you from jumping in to test the waters?
D. Technology:
Money always is and should be the by product of doing something you love. In the case of web 3, the biggest magic lies in the technology powering it. Blockchains have the potential of changing every industry that we know of. Therefore, it is imperative that one learns about this technology sooner than later. Let us face it, read or not, Blockchain technology is going to impact our life.
Apart from that, the overall technology seems to be quite intriguing as it is solving some biggest problems of the modern times. Unequal distribution of power and money, centralization, lack of scarcity of digital assets and prevention of duplication of money on the internet. These are some of the issues being tackled by the web 3 technology.
E. Saturating Web 2:
After the immense success of web 2 companies, there is finally a moment where people believe that the growth might be plateaued. Earlier this month, Facebook stock price tumbled by a gargantuan 25%. To put this into perspective, Facebook lost its market cap equivalent to the GDP of New Zealand.
But why did it happen? It is because for the first time in 18 years, Facebook showed a decline in the number of users coming to its platform. Does that mean web 2 social media has reached its top and it is all downhill from hereon?
Let us evaluate it from a different lens. If social media model was working so well, why did Mark Zuckerberg rebranded the company as Meta? Why did they pivot into virtual world.
Web 3 must hold something which is why Meta has acquired Oculus. A company that manufactures VR headsets.
Apart from that, other web 2 giants like Nike, Gucci, LV have been found foraying into NFT and Metaverse world.
But What Should I Do?: An Example Problem
Well, cut through the noise and you would realize that there are still many problems that need to be addressed before web 3 goes mainstream. There are problems like scalability, interoperability, UX etc. which need to be solved for. People who will acknowledge these problems and come up with a solution would generate a lot of wealth for themselves.
One example of such a problem is of notifications.
Yes, you heard it right. It may sound as a measly concern on the face of it, but it is actually a huge experience driver in web 2 space. Let me give you an example. Say you post a picture of yourself on Facebook. Now imagine you have to open the application each time to check the engagement on your image (likes and comments).
How inefficient would that be. So to solve for that problem, Facebook sends you notifications.
Apply the similar principle on WhatsApp. What if you had to stay on the application to continue your chat and there was no way to know it right from the lock screen.
These notifications are handled by APNS (Apple Push Notification System) and Android Push Notification system for iOS and Android Ecosystems respectively. These centralized authorities lay down the norms for sending notifications.
Web 3 Variant?
Oh, but web 3 is not run via Android or iOS. So how do projects send keep their users notified? For example, who is going to tell you that you are about to get liquidated. You just cannot spend your entire time on the dApp watching the price movements.
One project that solves for problems like these is EPNS or Ethereum Push Notification System. EPNS allows you to receive notifications from the decentralized world and also get incentivized for it.
Basically, what we are trying to say is that even menial problems have immense value potential. You are only limited by your imagination.
See You on the Other Side:
Now you understand the importance of learning web 3 the best way to learn it is venture and fiddle around with Decentralized applications out there. What else? Stick around with pandatechie to keep up with learning.
Got Questions?
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Until next time..
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